(Bloomberg) -- French hotel company Accor SA said it plans to seek about 300 million euros ($366 million) listing a special purpose acquisition company.
Accor Acquisition Co. will trade on the Euronext Paris exchange, according to a statement Thursday that confirmed an earlier Bloomberg News report. It will target deals in sectors including food and beverage, flexible working, entertainment and events, wellness and travel technology.
The SPAC will hunt for companies with high-quality services and recognizable brands in areas adjacent to Accor's core hospitality business. The target will be able to benefit from Accor's network, scale and global presence, according to the statement.
Accor's backing of a SPAC is a “smart move” even though the French hotelier is “late to the party,” analysts at Sanford C. Bernstein & Co. wrote in a research note Thursday.
“We would see the potential for this SPAC to, in part, consolidate some of Accor's non-hotel assets under a new entity, simplifying Accor's operations,” the analysts wrote.
Amir Nahai will be the SPAC's managing director, supported by senior Accor executives Pierre Boisselier, Nicolas Broussaud and Besma Boumaza.
SPACs are finding it harder to attract investors in the U.S. and Europe amid increased regulatory scrutiny of the sector and broader market volatility. Company-backed SPACs are rare but American firms including Post Holdings Inc. have announced such listings this year.
Shares of Accor have risen about 45% over the last 12 months, giving it a market value of 8.2 billion euros.
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